Sheffield-headquartered Fulcrum Utility Services has acquired electrical infrastructure company, The Dunamis Group, for 22 million.
The help fund the deal, the organization in addition raised 10.4 million by way of a share placing.
Fulcrum said the deal will “significant expands and extends” its capabilities and specialist knowledge inside electrical infrastructure services sector.
Dunamis supplies a huge selection of fully accredited services and outstanding technical excellence when it comes to the form, construction and continuing contracted repair off power installations and related grid connections.
For the Half a year ended 31 October 2017, Dunamis achieved unaudited revenues of 10.2 million and EBITDA of 1.8 million.
Fulcrum’s recently acquired Independent Distribution Network Operator (IDNO) licence may even enable the Company to take, buy and operate electrical connections assets installed by way of the Enlarged Group while on an ongoing basis.
The electrical connections market represents a tremendous growth potential for Fulcrum, and is estimated to generally be worth over 500 million every year.
On Completion, Wayne Hayes, Dunamis’ Chairman and founder, will join the Board of Fulcrum to be a non-executive director
Fulcrum in addition has unveiled the appointment of the Chief Financial Officer Hazel Griffiths to the Board just as one executive director with immediate effect.
Martin Harrison, Fulcrum’s Boss, said: “This acquisition meets key strategic goals for Fulcrum – accelerating our future growth throughout the cross-selling of gas and electrical connection services, increasing electrical asset adoption opportunities and significantly expanding and extending our direct delivery capability inside the electrical infrastructure market.
“This will reinforce our trusted “right first time” service built on technical expertise.
“Under Wayne’s leadership, Dunamis happens to be a proven and respected business inside electrical infrastructure market. Together, when using the combined expertise with the Enlarged Group, you will discover a real possibility for rapidly develop our position throughout the utility services market.
“Now i’m particularly pleased that Wayne additionally, the senior management will end up shareholders while in the Enlarged Group and show off to welcoming Wayne to your Board.”